Goldman Sachs outsourcing 1,000 U.S. jobs to Singapore

By Freddie Pierce
Goldman Sachs is being attacked from news outlets around the United States after it was revealed that the banking giant would be outsourcing at least 1...

Goldman Sachs is being attacked from news outlets around the United States after it was revealed that the banking giant would be outsourcing at least 1,000 jobs to Singapore just three years after taxpayers give the company a $10 billion bailout.

What’s even more troubling is that the outsourced jobs aren’t the kind of jobs that are typically outsourced by companies, like IT and call centers. Instead, Goldman Sachs is outsourcing “high-paying, skilled positions in sales and investment banking.”

The outsourced jobs won’t come at a lower wage, according to David Indiviglio at The Atlantic. Instead, the jobs in Singapore will likely pay about the same as the jobs being outsourced from New York City.

Some are lauding the move as smart business, as the Asian market is booming, which is always good news for banks. According to Indiviglio, other banks could follow Goldman Sachs’ lead, which “isn’t great news for the U.S.”

SEE OTHER TOP OUTSOURCING STORIES IN THE SUPPLY CHAIN DIGITAL CONTENT NETWORK

The Top 5 Tax Efficient Outsourcing Locations

Outsourcing leader Infosys faces visa misuse probe

China facing challenges to catch India in outsourcing

Check out June’s issue of Supply Chain Digital!

While some see the outsourcing maneuver as smart business, Jim Newell at Gawker is happy to see Goldman Sachs gone. “I, for one, won’t be mourning the eastward 'trickle of high-income jobs from the world’s most hated company,'” Newell writes.

The U.S. banking sector is “dangerously bloated,” according to Newell, and needs to start “lending to productive industry.”

While U.S. multinational companies have outsourced close to 2.5 million jobs over the past decade, this new outsourcing move by Goldman Sachs is at the very least a little disturbing in that skilled jobs are being taken out of the U.S. market.

Share

Featured Articles

Top 100 Women 2024: Taryn Thompson, Bank of America – No. 4

Supply Chain Digital’s Top 100 Women in Supply Chain honours Bank of America’s Taryn Thompson at Number 4 for 2024

EU Supply Chain Law: Key Supply Chain Consulting Firms

The EU Supply Chain Law, also known as the Corporate Sustainability Due Diligence Directive (CSDDD), is set to hold companies' supply chains to account

The Categories – Part 3: Procurement & Supply Chain Awards

Mark your calendars for the debut of The Global Procurement & Supply Chain Awards 2024 at Procurement & Supply Chain LIVE London on 24 September 2024

Meet our Sponsors: Procurement & Supply Chain LIVE New York

Digital Supply Chain

The Categories – Part 2: Procurement & Supply Chain Awards

Digital Supply Chain

Top 100 Women 2024: Sheri Hinish, EY – No. 3

Digital Supply Chain